The Number One Plan to Use for Online Physics Problem Solver Revealed

The Number One Plan to Use for Online Physics Problem Solver Revealed You may be the person who drops out of that list utilizing skilled math problems help online. The OpenFOAM solver binaries aren't included with the FEATool distribution and have to be set up separately. But the moment I stick this guy online, there are a lot of problems. Our physics problem solver supplies you with a service which is totally covered by our many guarantees. Online Physics Problem Solver - What Is It? You are able to check the variety of active experts in actual time on the primary page. Our experts will do their very best to make you realize your target. Next time you're trying to find a place to do my physics hw or to find some hands-on help, our professional service is the best way to go! Get in touch with our managers with a simple I need aid with physics' approach and they'll finish up! Frequently, Physics has calculations and concept related comprehension of the concepts. 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DEad Man Walking Essay Example For Students

DEad Man Walking Essay Dead Man WalkingThe film, Dead Man Walking was made in 1995, and was adopted from Sister Helen Prejeans 1993 autobiographical book, which has the same title. It examines one of the most highly debated controversial issues of our time capital punishment. Since the protagonist of a film is regarded as the good guy, I would apply this label to Sister Helen Prajean, played by Susan Sarandon, and that of the antagonist, or the bad guy to Matthew Poncelet, played by Sean Penn. However, even though Sean Penn is definitely the bad guy, by definition, my feelings changed as the film progressed with Seans eventual understanding of the enormity of his transgression. (Rozan, 17) The story presented in the film attracts the viewer because of the strong emotions, which are evoked by the violence of the murder and rape, but also by the actors themselves. The issues of crime and punishment are examined from multiple viewpoints the victims family members, the killers, society, the lawyer, and a melding of all views within the religious conviction portrayed by Susan Sarandon. Your feelings go through many changes, as each view is examined and reexamined, as the story unfolds with more and more information concerning the actual crime and the events prior, during, and after its commission. The film unfolds with Penns emotions moving from defiance to remorse, (Rozan, 17) without actually providing a absolute judgment to the viewer, as to whether capital punishment is right or wrong-good or evil.As Sarandon tells Penn There are spaces of sorrow only God can touch. (Rozan, 17). The concepts of good and evil are clearly defined within the context of the film by the parameters of our criminal justice system and society in general. A very clear message is given-the perpetrator of such heinous crimes will pay with his life. This view is not challenged by the film. The concept of capital punishment, however, is questioned, as the workings of death row are explained and eventually seen. Penn gradually comes to an awareness of himself and his place in our society by fighting his eventual death by execution. You end up wondering whether the cause of justice to society and specifically to the victims and their families could possibly be served just as well by a life sentence, without the possibility of parole. You further ask yourself if you could actually administer the lethal injection yourself, rather than having someone else do it. The film makes a political statement concerning capital punishment, but doesnt overtly preach its message. The message is provided by Penns quest for his souls redemption via Sarandons interaction. Dead Man Walkings message has the viewer questioning beliefs, which he was previously sure of. Theoretically, you may think that capital punishment in this case is a foregone conclusion, but as you get to understand Penns character the black and white of the case now has shades of gray. The writer-director, Tim Robbins explores the psychological and moral relationship that develops between Penn and Sarandon. The faint possibility that evil and goodness can find a way of speaking to one another, the dim hope that the former can be in some sense redeemed, the later in some sense educated. (Schickel, 69) is proffered for the viewer to think about. The rewards of criminal behavior result in Penns death. The cost of violent, unconscionable acts result in his execution. The crime cannot be justified, but the viewer cannot help but try to understand Penn as a human being that has to pay for an act, which society cannot condone or accept. You ask yourself How could he do such a terrible thing? Understanding is a tough challenge which is met by Sarandons character because she will not give up on Penns ability to understand how wrong he was and to seek forgiveness from a higher power, since society cannot forgive him. We know he is guilty, but the film does cause us to question what we may have formerly thought was totally right-capital punishment. You end up asking yourself, whether Penns personal redemption is worth foregoing his execution. Can good come out of evil? Can God truly forgive? If you say you are truly sorry and repent sincerely, is it enough? Are there really answers to questions such as these within our earthly realm, or should these questions only be resolved by God? I really do not know. Pearl Harbor EssayLife imprisonment without parole serves the same purposes as capital punishment at less cost without the practical disadvantages and injustices of its actual practice. Churches should call for an immediate moratorium and work for the eventual end of the death penalty. Many contend that the use of capital punishment as a form of deterrence does not work, as there are no fewer murders in countries or states that do have it, then those that do not. In order for capital punishment to work as a deterrence, certain events must be present in the criminals mind prior to committing the offence. The criminal must be aware that others have been punished in the past for the offence that he or she is planning. The moral issues concerning the legitimacy of the death have been brought by many abolitionists. They think that respect for life forbids the use of the death penalty, while retentionists believe that respect for life requires it. Retentionists says the bible (Genesis 9:6) says, Whosoever sheds mans blood, by man may his blood be shed. This classic argument in favor of the death penalty has usually been interpreted as a proper and moral reason for putting a murderer to death. Supporters of capital punishment say that society has the right to kill in defense of its members, just as an individual has the right to kill in self defense for his or her own personal safety. This analogy is somewhat doubtful, however, as long as the effectiveness of the death penalty as a deterrent to violent crimes has yet to be proven. BibliographyAnsen, David. The Killer And The Nun. Newsweek 8 January 1996. Moore, Susan. Responsibility. Quadrant September 1996. Musbach, Tom. Evangelical Cinema. Commonweal 22 March 1996. Prejean, Helen. Dead Man Walking. New York: Random House, 1993. Rodgers, Christy. Dead Man Walking. Cineaste June 1996. Rozen, Leah. Dead Man Walking. People 15 January 1996. Schickel, Richard. The Executionees Song. Time 8 January 1996. The Bible

Reflection on Confucianism

Introduction Confucianism is considered as one of the philosophies that were developed in the ancient times yet it still asserts a significant influence on the contemporary society (Liu 2006, 47). One of the authors who have written widely on Confucianism is Yao. In his presentation of Confucianism, Yao (2005, 17) makes attempts to link the philosophy to its developer and the culture or tradition within which Confucianism developed. This paper looks into the conception of Confuciasm by Yao. The paper also assesses the classical development of Confucian, the Yi jing.Advertising We will write a custom essay sample on Reflection on Confucianism specifically for you for only $16.05 $11/page Learn More The broader view of the philosophy Yao reacts against the constricted view of the philosophy, which comes from failure to open into the historical development of the philosophy and the role of the Confucian tradition as a whole in advancing Confucianism. By ope ning up into this history, it becomes easier to establish the role and influence of Ru in the advancement of Confucian teachings (Yao 2005, 21). Yao does not rule out the role of the founder of this philosophy. He tries to present a broader picture of the development of the philosophy by picturing it from his tradition and the society from which it developed, rather that basing on Confucius. This is achieved by focusing on the evolution of the philosophy of Confucianism. By placing the philosophy in the context of the entire Chinese society, it emerges that Confucianism has grown within the traditional Chinese society has thus been influenced by the changes in the political and social demands of the society. The point that is brought out here is that Confucianism had an influence on the functionality of the society through learning and the exercise of the Confucian ethos. By arguing that Confucianism was not solely developed by Confucius, Yao tries to present a broader view of how t he philosophy of Confucianism has grown and spread across the world. Yao tries to present Confucianism, not merely as a philosophy, but also as a tradition. This is done through the linkage of Confucianism to the Ru tradition in China (Yao 2005, 17). Understanding Confucianism from the societal context In order to link the development of the Confucian tradition to the development and enhancement of the Chinese society, its development is divided into two. There is the creative period of Confucian development, which depicts the formulation of the philosophy together with the development of the principles within the tradition. The second part is the most valid part as it links the Confucian tradition to the social and political developments over the period of development of the philosophy. This puts the philosophy in the context of the tradition, thereby moving it away from the focus on the developer and picturing it from a wider perspective. Confucianism is further divided into three epochs.Advertising Looking for essay on asian? Let's see if we can help you! Get your first paper with 15% OFF Learn More These are the periods of development that are presented in a sequential manner in order to capture the developments in the philosophy and other historical happenings (Yao 2005, 18-20).  The main aim of such a presentation of the historical development of Confucianism is to establish its tie with the developments in the contemporary globalized society. The question that leads to this is whether Confucianism can be likened to global culture and spirituality. Yao seeks to present an understanding of the doctrines of Confucianism in the modern society. This cannot be attained by looking at philosophy from the developer perspective, but from the perspective of the tradition and society. Apart from the founder of the philosophy of Confucianism, the tradition and society within which the philosophy has developed exerted a lot of influence on the philoso phy. This justifies the exploration of diverse dimensions in the development of the tradition (Yao 2005, 6-8). What Yi Jing says about the role of a Confucian? Of great importance to the development of Confucianism is the translation of the teachings and doctrines of Confucianism into other languages. This is known as Yi jing. Yin jing was a curriculum that was utilized in the study of Confucian philosophies. Yi jing falls within the main Confucian classics of China. Yi jing plays a significant role in advancing the Confucian commentary. The concept of divination has been one of the core concepts in the doctrine of Confucianism. Therefore, translation of the ethical and philosophical commentaries in the Yi jing provides a background for understanding the conceptions of divination in Confucianism. Western conceptions of Confucian philosophies are highly founded in the binary translations (Engelfriet 1998, 98-99). The translations in the Yi Jing can be likened to western Geomancy. The se classical texts have portrayed a deeper sense of the role of Confucian in the society. However, the translation takes complex process, which makes it hard for one to translate the Confucian commentary. One needs a substantial amount of time in order to know how to make translations of the Confucian commentaries as posited in the Yi jing. This is a negative implication as it portrays Confucian commentaries as difficult for translation and understanding (Little 2006, 165).  The paper has profoundly implored the confines in the understanding of the philosophy of Confucianism. From the discussion, it has come out that a clear understanding of the philosophy, more so in the context of the contemporary world can only be attained through studying it within the context of the tradition and society in which it developed.Advertising We will write a custom essay sample on Reflection on Confucianism specifically for you for only $16.05 $11/page Learn More Refe rence List Engelfriet, Peter M. 1998. Euclid in China: The Genesis of the First Chinese Translation of Euclid’s Elements Books I – VI (Jihe Yuanben; Beijing, 1607) and its Reception up to 1723. Leiden, Boston, Köln: Brill. Little, Reg. 2006. A Confucian-Daoist Millennium? Bacchus Marsh: Connor Court Publishing. Liu, JeeLoo. 2006. An Introduction to Chinese Philosophy: From Ancient Philosophy to Chinese Buddhism. Malden, MA: Blackwell. Yao, Xinzhong. 2005. An Introduction to Confucianism. Cambridge: Cambridge University Press. This essay on Reflection on Confucianism was written and submitted by user Cristopher C. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Index to French Grammar and Pronunciation Glossary

Index to French Grammar and Pronunciation Glossary This index to the glossary of French grammar and pronunciation terms treated in our lessons provides definitions and links to further information about each of the French verb tenses, pronouns, and other grammatical structures weve discussed. It also includes information about various pronunciation issues. You can search for definitions by topic or by using the full alphabetical list in either  English  or  French; all definitions are in English. Or you can get just the highlights:  top grammar terms. English Index Aactive voiceadjectiveadverbadverbial pronounadverb of frequencyadverb of manneradverb of placeadverb of quantityadverb of timeagentagreementantecedentarticleauxiliary verbCclausecomparative adverbcognatecompound pastcompound tenseconditionalconditional perfectconditionalsconditional sentenceconjunctionconjugateconjugationcoordinating conjunctioncopular verbDdefinite articledemonstrative adjectivedemonstrative pronoundependent clausedescriptive adjectivedirect objectdirect object complementdirect object pronoundisjunctive pronoundummy subjectEeuphonyFfalse cognatefamiliarfeminineformalfuturefuture anteriorfuture perfectfuture subjunctiveGgenderHhelping verbhiatushistoric pasthistorical tenseIif-then clauseimperativeimperfectimperfect subjunctiveimpersonal pronounimpersonal verbindefinite articleindefinite adjectiveindefinite pronounindefinite relative pronounindependent clauseindicativeindirect objectindirect object complementindirect object pronouninfinitiveinflectioninformalinterro gative adjectiveinterrogative adverbinterrogative pronounintransitive verbinversionLliaisonlinkinglinking verbliterary registerliterary tenseMmain clausemasculinemoodNnarrative tensenear futurenegative adjectivenegative adverbnegative pronounnormal registernounnumberOobjectPparticiplepartitive articlepassive voicepast anteriorpast conditionalpast infinitivepast participlepast perfectpast perfect subjunctivepast subjunctiveperfect participlepersonpersonal pronounpersonal verbpluperfectpluperfect subjunctivepluralpossessive adjectivepossessive pronounprepositionpresentpresent participlepresent perfectpreteritepronominal verbpronominal voicepronounproper nounRreal subjectrecent pastregisterreflexive pronounreflexive verbrelative clauserelative pronounSsimple pastsimple tensesingularstate-of-being verbstressed pronounsubjectsubject pronounsubjunctivesubordinate clausesubordinating conjunctionsuperlative adverbTtensetransitive verbtrue cognateVverbverb conjugationvoicevulgar (register) French Index Aaccordadjectifadjectif dà ©monstratifadjectif descriptifadjectif indà ©finiadjectif interrogatifadjectif nà ©gatifadjectif possessifadverbeadverbe comparatifadverbe de frà ©quenceadverbe de lieuadverbe de manià ¨readverbe de quantità ©adverbe de tempsadverbe interrogatifadverbe nà ©gatifadverbe superlatifagentantà ©cà ©dentapparentà ©argotiquearticlearticle dà ©finiarticle indà ©finiarticle partitifauxiliaireCCODCOIcomplà ©ment dobjet directcomplà ©ment dobjet indirectconditionnelconditionnel passà ©conjonctionconjonction de coordinationconjonction de subordinationconjugaisonconjuguercopuleDdà ©sinenceEenchaà ®nementeuphonieFfamilierfaux amifà ©mininformelfuturfutur antà ©rieurfutur passà ©futur procheGgenreHhiatusIimparfaitimparfait du subjonctifimpà ©ratifindicatifinfinitifinfinitif passà ©inversionLliaisonlittà ©raireMmasculinmodemot apparentà ©Nnomnom proprenombrenormalOobjetobjet directobjet indirectPparticipeparticipe passà ©participe prà ©sentpassà © antà ©rieurpassà © composà ©passà © composà © du participe prà ©sentpassà © rà ©centpassà © simplepersonnephrase de conditionplurielplus-que-parfaitplus-que-parfait du subjonctifpopulaireprà ©positionprà ©sentprà ©tà ©ritpronompronom adverbialpronom dà ©monstratifpronom disjointpronom impersonnelpronom indà ©finipronom indà ©fini relatifpronom interrogatifpronom nà ©gatifpronom objet directpronom objet indirectpronom personnelpronom possessifpronom rà ©flà ©chipronom relatifpronom sujetpropositionproposition conditionnelleproposition dà ©pendanteproposition indà ©pendanteproposition principaleproposition relativeproposition subordonnà ©eproposition subordonnà ©e relativeRregistreSsi clausesinguliersubjonctifsubjonctif futursubjonctif passà ©sujetsujet apparentsujet rà ©elTtempstemps composà ©temps de la narrationtemps historiquetemps littà ©rairetemps simpleVverbeverbe auxiliaireverbe copulatifverbe impersonnelverbe intransitifverbe pronominalverbe rà © flà ©chiverbe transitifvoixvrai amivulgaire Topic Index Adjectives  Ã‚  Ã‚  demonstrative adjective  Ã‚  Ã‚  descriptive adjective  Ã‚  Ã‚  indefinite adjective  Ã‚  Ã‚  interrogative adjective  Ã‚  Ã‚  negative adjective  Ã‚  Ã‚  possessive adjectiveAdverbs  Ã‚  Ã‚  adverbial pronoun  Ã‚  Ã‚  adverb of frequency  Ã‚  Ã‚  adverb of manner  Ã‚  Ã‚  adverb of place  Ã‚  Ã‚  adverb of quantity  Ã‚  Ã‚  adverb of time  Ã‚  Ã‚  comparative adverb  Ã‚  Ã‚  interrogative adverb  Ã‚  Ã‚  negative adverb  Ã‚  Ã‚  superlative adverbAgreement  Ã‚  Ã‚  gender  Ã‚  Ã‚  number  Ã‚  Ã‚  adjectives  Ã‚  Ã‚  articles  Ã‚  Ã‚  pronounsClauses  Ã‚  Ã‚  dependent clause  Ã‚  Ã‚  if-then clause  Ã‚  Ã‚  independent clause  Ã‚  Ã‚  main clause  Ã‚  Ã‚  relative clause  Ã‚  Ã‚  subordinate clauseConjunctions  Ã‚  Ã‚  coordinating conjunction  Ã‚  Ã‚  subordinating conjunctionObjects  Ã‚  Ã‚  object  Ã‚  Ã‚  direct object  Ã‚  Ã‚  direct object complement/pronoun  Ã‚  Ã‚  indirect object  Ã‚  Ã‚  indirect object complement/pronoun  Ã‚  Ã‚  intransitive verb  Ã‚  Ã‚  transitive verbParts of speech  Ã‚  Ã‚  adjective  Ã‚  Ã‚  adverb  Ã‚  Ã‚  article  Ã‚  Ã‚  conjunction  Ã‚  Ã‚  noun  Ã‚  Ã‚  preposition  Ã‚  Ã‚  pronoun  Ã‚  Ã‚  verbPronouns  Ã‚  Ã‚  adverbial pronoun  Ã‚  Ã‚  demonstrative pronoun  Ã‚  Ã‚  direct object pronoun  Ã‚  Ã‚  disjunctive pronoun  Ã‚  Ã‚  impersonal pronoun  Ã‚  Ã‚  indefinite pronoun  Ã‚  Ã‚  indefinite relative pronoun  Ã‚  Ã‚  interrogative pronoun  Ã‚  Ã‚  negative pronoun  Ã‚  Ã‚  personal pronoun  Ã‚  Ã‚  possessive pronoun  Ã‚  Ã‚  pronominal verb  Ã‚  Ã‚  reflexive pronoun  Ã‚  Ã‚  relative pronoun  Ã‚  Ã‚  stressed pronoun  Ã‚  Ã‚  subject pronounPronunciation  Ã‚  Ã‚  cognate  Ã‚  Ã‚  euphony  Ã‚  Ã‚  hiatus  Ã‚  Ã‚  liaison  Ã‚  Ã‚  linkingVerbs* conjugate/conjugation  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  inflection  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  mood  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  number  Ã ‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  person  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  tense  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  voice* compound tense  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  auxiliary/helping verb  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  compound past  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  conditional perfect  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  future anterior/perfect  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past conditional  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past perfect subjunctive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past subjunctive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past anterior  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past infinitive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past perfect  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  pluperfect  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  pluperfect subjunctive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  present perfect* historical/literary/narrative tense  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  historic past  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past anterior  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  imperfect subjunctive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  pluperfect subjunctive* inversion* mood  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  conditional  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   imperative  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  indicative  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  infinitive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  participle  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  subjunctive* participle  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  past participle  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  perfect participle  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  present participle* simple tense  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  conditional  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  future  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  future subjunctive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  historic past  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  imperative  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  imperfect  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  imperfect subjunctive  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  present  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  preterite  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  simple past  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  subjunctive* types of verbs  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  copular verb  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  impersonal verb  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  intransitive verb  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  pronominal/reflexive verb  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  transitive ver bMiscellaneous  Ã‚  Ã‚  agent  Ã‚  Ã‚  antecedent  Ã‚  Ã‚  conditional  / conditional sentence  Ã‚  Ã‚  proper noun  Ã‚  Ã‚  register  Ã‚  Ã‚  subject  Ã‚  Ã‚   - dummy subject  Ã‚  Ã‚   - real subject

'Information systems have revolutionised the way we work'. Critically Essay

'Information systems have revolutionised the way we work'. Critically discuss this statement using two concepts from the mod - Essay Example These are a few of the ways in which information systems have provided advantages to the regular activities (Morgan, 2006). Based on this aspect, the report describes how information systems have influenced and revolutionised the way people work. Furthermore, the report also illuminates two key aspects of information systems along with their impact on work. Defining Information Systems Information system is regarded as the technology which is used for storing, controlling, dispensing and generating information. This technology includes any mechanism capable of processing data of information systems. Information systems use certain tools in order to perform calculations, record information, manipulate data and communicate messages to people. On the other hand, the ways in which people work comprise procedures used for individuals and organisations. Individuals and organisations apply certain procedures in order to accomplish subjective task (Yu, 2004). Computer Have Revolutionised the Way We Work A vital example of information system is the development of computer. The work of every individual and organisation has completely changed with the advent of computer. Computer system actually arrived during 1930s and laid the foundation for numerous activities. The present world is completely revolutionised by computer systems. Computer is presently observed in every office of metropolitan areas and it is difficult to think about modern organisations without computers. Regular tasks would be extremely inefficient without using computers. For example, managing customer records in an organisation can be performed effortlessly with the use of computers. Computer systems have replaced manual management of customer records to electronic ways of management (Zammuto & et. al., 2007). In today’s information age, computers are regarded as a machine that can process information and provide the function of communication. The first thematic ritual in the history of computer took form with queries impersonated by experts and pioneers of digital computing. The second thematic tradition in the history of computer is shifting focus to historical roots of the information age and the third thematic tradition is pioneering machines that can be differentiated with the work of historians. The history of computing is a hybrid area that has increasingly drawn on diverse disciplines and methods. Researchers in the area of humanities and social sciences frequently demonstrate a form of hybrid vigour where a core area of discipline is invigorated by the exchange with neighbouring areas or disciplines. Historians of computing have positively looked outward to neighbouring areas and disciplines for conceptual inspiration. Various organisations, corporate cultures and industries have found importance of flow of information in order to carry out regular activities (Misa, 2007). Computer Revolutionised Workplace Activity Computer has changed the paradigm of

Marketing Plan For An Art Gallery National Gallery of Art Term Paper

Marketing Plan For An Art Gallery National Gallery of Art - Term Paper Example The National Gallery of Art has come up with a new marketing strategy in order to cope with the rising completion and to retain the existing customers. The new marketing strategy involves market expansion and penetration strategies. It is planning to expand its product line and also to offer a new product by opening up a art school for students who are interested in learning about the American and European art. The main objective of the National Gallery of Art is to preserve the best art pieces from all around the world and pass them on to the future generations in the best condition. In the next three, consecutive years, the organization has planned to implement its new marketing strategy by using a step-by-step procedure. In the first year it will expand its collection base, in the second year it will expand its building and in the third year it will open up its art school. Company description The National Gallery of Art is based in Washington, DC. It was created in 1937 by the people of United States. It was formed as a result of collaboration between the congress and the Andrew. W. Mellon who was both the financier and art collector for the National Gallery of Art. Before his death Andrew W Mellon promised all his collection of sculpture and art to the United States and it was preserved in the National Gallery of Art. Since then the gallery has been like an art museum. It holds many precious paintings belonging to various artists. The collection at The National Art gallery consists of precious art pieces from United States and Europe

How Capital Structure Affects UK Cost of Capital

How Capital Structure Affects UK Cost of Capital Abstract Firms require a reasonable capital structure to meet the required target. To raise the finance, firms normally choose to review some different factors that are taken into account in considering. In this study, the author will examine the correlation between capital structure and the cost of the capital. As the cost will be a main factor for the firms to raise the finance. And different of capital structure will cause variable cost. This report will review the literature in capital structure and cost of finance. Along with the availability of source of finance, including the matching principle, a famous tools trade-off theory. As well as the argument follows, pecking order theory and agency cost theory. Drawing a conclusion based on the research survey data collection. Justify the relationship in how capital structure affects capital cost. Introduction The term capital structure refers to the mix of different types of funds which a company uses to finance its activities. Capital structure varies greatly from one company to another. For example, some companies are financed mainly by shareholders funds whereas others make much greater use of borrowings. Since the seminal publication of Modigliani and Miller (1958), corporate finance researchers have devoted considerable effort to investigating capital structure decisions (e.g. Myers, 1977 and 1984). Significant progress has been made in understanding the determinants of corporate capital structure with an increased emphasis on financial contracting theory (for example, Barclay and Smith, 1995; Mehran et al., 1999; and Graham et al., 1998 and, for an international view, Rajan and Zingales, 1995). This theory suggests that firm characteristics such as risk and investment opportunity set affect contracting costs. In turn, these costs impact on the choice between alternative forms of finance such as debt and equity, and between different classes of fixed-claim finance such as debt and leasing. The author will examine the relationship between the cost of capital and the structure of capital, and the effect of cost to raise finance in terms of making financial decision in the firms. Literature review 2.1 Theory of capital The origins of capital structure theory lie in the models of optimal capital structure that were developed in the wake of the famous Modigliani-Miller irrelevance theorem. These models later became to be known as the static trade-off theory (see e.g. Modigliani and Miller, 1958, 1963; Baxter, 1967; Gordon, 1971; Kraus and Litzenberger, 1973; Scott, 1976; Kim, 1978; Vinso, 1979). In this theory, the combination of leverage related costs (associated with e.g. bankruptcy and agency relations) and a tax advantage of debt produces an optimal capital structure at less than a 100% debt financing, as the tax advantage is traded off against the likelihood of incurring the costs. This theoretical result is now widely accepted in the profession. However, in seeking to model the wide diversity of capital structure practice, a number of additional factors have been proposed in the literature. 2.2 Factors that affect capital structure First, the use of debt finance can reduce agency costs between managers and shareholders by increasing the managers share of equity (Jensen and Meekling, 1976) and by reducing the free cash available for managers personal benefits (Jensen, 1986). Second, Myers and Majluf (1984) argue that, under asymmetric information, equity may be mispriced by the market. If firms finance new projects by issuing more equity, under pricing may cause les profit for existing shareholders in terms of the project NPV. Myers (1984) refers to this as pecking order theory of capital structure. The underinvestment can be reduced by financing the mispriced equity by the market. Internal funds involve no undervaluation and even debt that is not too risky will be preferred to equity. If external finance was required, firms tended first to issue the safest security, debt, and only issued equity as a last resort. Under this model, there is no well-define target mix of debt and equity finance. Each firms observed debt ratio reflects its cumulative requirements for external finance. Generally, profitable firms will borrow less because they can rely on internal resources and retain earnings. The preference for internal equity implies that firms will use less debt than suggested by the trade-off theory. Other factors that have been invoked to help explain the diversity of capital structures include: management behaviour (Williamson, 1988), firm-stakeholder interaction (Grinblatt and Titman, 1998), and corporate control issues (Harris and Raviv, 1988 and 1991). 2.3 How to finance The conventional discussion on a firms choice between long-term and short-term debt has generally focused on three aspects: matching debt maturity with asset life; extending the term-to-maturity of loans to stretch the firms debt capacity; and concentrating long-term debt issues in periods of relatively low interest rates. Recent development in the financial research literature has advanced several economics concepts such as transaction and agency costs, tax-timing option, and information asymmetry, to the debt maturity choice paradigm. Brick and Ravid (1985) show that taxes can also imply an optimal debt maturity structure. Depending on the term-structure of interest rates, long-term (short-term) is optimal, since it accelerates the tax benefit of debt given an increasing (decreasing) term structure. When firms cannot reveal the true quality of their cash flows, i.e. when information asymmetry exists, they can prevent or abate undervaluation by using a variety of signalling devices, such as debt (leverage), dividend payments or the maturity structure of debt. Thus, information asymmetry gives firms an incentive to signal their quality and credibility by taking on more debt and shortening their debt maturity. A higher leverage, especially more short-term debt, signals favourable inside information to the market because it offers the possibility to renegotiate terms in the future, when more information has become available. Long-term debt entails higher information costs than short-term debt, because the market expects a stronger deterioration of quality than insiders do. Firms with a low level of information asymmetry are therefore more likely to issue long-term debt (Flannery, 1986). In the study of international capital structures, Rajan and Zingales (1995) argue that it is important to test the robustness of US finds in different environments. They identify as potentially important the cross-country differences in tax and bankruptcy codes, in the market for corporate control and in the historical role played by banks and security markets. Methodology This survey focuses primarily on the determinants of the capital structure policy of firms but also includes some questions on topics that are closely related to the capital structure. For example, the questions address their approximate cost of equity to the managers, how they estimate their cost of equity (with CAPM or other methods), and whether the impact on the weighted average cost of capital is a consideration in their capital structure choice. The survey was developed after a careful review of the capital structure literature pertaining to the U.S. and European countries. For ease of comparability, the author tried to keep the format and design the survey similar to that of Graham and Harvey (2001), but modified or simplified some questions that are likely to be relevant in the UK context. For example, literature suggests that there are strong differences in corporate objectives between American and UK financial systems since the former system focuses on maximizing shareholder wealth while the later emphasizes the welfare of all stakeholder including employees, creditors and even he government. To examine this difference, the author ask the CFOs about the extent to which different stakeholders influence their firms financial decisions, the author also ask the firms the percentage of their free float share and whether they have preference or common share. 3.1 Sampling The initial samples for mailing the survey consist of a total of 57 firms from UK. The choice of initial sample was based on selecting firms that are representative of the UK firms, are widely traded, are comparable across country, and are public limited with available information. These criteria are important to justify the firms specific difference. From this sample, 9 firms were deleted because of non-availability of addresses and another 17 firms were deleted because they declined to participate in the survey, leaving a final sample of 31 firms. The survey was anonymous as this was an important criterion to obtain honest responses. In the mailing a letter was included that was addressed to the CFO or CEO explaining the objective of the study and promising to send a copy of the findings to those who wished to receive. A total of 12 responses were received by mail, which represents a response rate about 38 percent. 3.3 Summary of findings The respondent firms represent a wide variety of industries with a larger concentration in manufacturing; mining; energy and transportation sector; high technology; and financial sectors. About three forth of firms have a target debt to equity ratios, and about half of these firms maintain a target debt to equity ratios of one. Further, many respondents have a large percentage of their total debt in short term. About 80 percent of respondents report that they calculate their cost of equity, and over 77% of them employ the Capital Asset Pricing Model (CAPM) to calculate this cost. The estimated cost of equity reported by respondents ranges between 9%-15% only few firms report cost of capital greater than 15% The correlations among the demography variables of this survey are largely as predicted in the literature. These correlations will be discussed in detail in the next section. Analysis Three sets of factors in managers opinion that are likely to influence capital structure of firms are selected based on a review of literature. The first set is based on the implications of different capital structure theories such as the trade-off theory, the pecking order theory, and the agency cost theory. Generally the managers will make the financial decisions based on theories and through these decisions to affect their cost of capital. The second set relates to the managers timing of debt or equity issues since literature suggests that managers are concerned about financial flexibility. With evidence support in the findings, most of managers within all industries consider the financial flexibility as the most important issue when raise finance. Finance by short term may give the company advantage in changing their status to meet the changing world environment and provide less risks in investments. Finally, the last set of factors is based on common beliefs among managers about the impact of capital structure changes on financial statements such as the potential impact of equity issue on earnings. This factor shows the important of experience in managers mind and how it will be impact on the decisions. In summary, to analyse a companys capital structure, we assume that the company is only financed by two ways, either by shareholders equity or borrowings. It is just to consider how cost of capital affect the different proportion of debt in capital structure. Figure 8: Two advantages and two disadvantages of borrowing Advantages Disadvantages 1. Cheap direct cost because debt is less risky to the investor 1. Financial leverage causes shareholders to increase their cost of capital 2. Cheap direct cost because interest is a tax deductible expense. 2. Bankruptcy risks if borrowings are too high. The main advantage of borrowing is that the debt has a cheaper direct cost than equity. Debt is less risky to the investor than equity (low risk result a low required return) Interest payments are tax deductable whereas dividends are not. However, borrowing has two distinct disadvantages. Firstly it causes shareholders to suffer increased volatility of earnings. This is known as financial leverage. The increased volatility to shareholders returns resulting from financial leverage causes shareholders to demand a higher rate of return in compensation. The second disadvantage of borrowing is that if the company borrows too much, it increases its bankruptcy risks. At reasonable levels of gearing this affect will be imperceptible, but it becomes significant for highly geared companies and results in a range of risks and costs which have the effect of increasing the companys cost of capital. Limitation and Ethical issue The research focus on the UK market and respondents are from different areas of industry. The limitation has been carried out. First will be the time of the research. As a three months research, the data was not examined as correct enough to support the authors point. The data collection should be carrying continually in a long period of time and often reviewed at some certain time. Second, the way of collecting these data is limited by mailing. The survey may not represent the whole market as the limited number of respondents. A research should conduct all the possible methods including quantitative and qualitative. Finally, as this is not a professional research, lots of objectives in the research declined to give feedback in judging their financial structure in the case some of this could be their classified information. The ethical issue has been raised in this research; this will be honesty in the feedbacks from the respondents. As this survey is anonymous research, the managers may not give the right information in case of rising threats in competition. The importance of financial structure in firms causes the mangers to think before they actually answer the questions. The privacy issue in their mind raised that they may not want to share all the information regarding to the financial statement. Conclusion The purpose of this article is to supplement the existing literature with an analysis of the factors determining the financial structure affecting the cost of capital. The analyses give rise to the following conclusions. The study presents a dynamic model to address the possibility of adjustment costs incurred in reaching an optimal capital structure. And examine the literature in the factors in capital structure in affecting the cost of financing a firm through the facts in reality. The conclusion can be drawn as the cost of capital is a key factor that firms taken into account when raise finance along with the financial flexibility. On the other hand, the capital structure of a firm will affect the firms cost in both short term and long term. The firms raise the finance to meet the required target, there is no such a way to limit firms financial structure. They may want to choose a short term loan to meet flexibility of cash flow, in the contrast; the long term finance may require more information and satisfaction of the firms. The cost of capital depends on how firms finance their capital structure. Reference and bibliography Barclay, M.J. and C.W. Smith (1995), The Priority Structure of Corporate Liabilities, Journal of Finance, Vol. 50, No. 3 (July) Baxter, N. D. (1967) Leverage, the Risk of Ruin and the Cost of Capital, Journal of Finance, 22 Brick, I. and Ravid, A. (1985) On the relevance of debt maturity structure, Journal of Finance, 40 Flannery, M. (1986) Asymmetric information and risky debt maturity choice, Journal of Finance, 41 Gordon, M. (1971) Towards a theory of financial distress, Journal of Finance, 26 Graham, J.R., M.L. Lemmon and J.S. Schallheim (1998), Debt, Leases, Taxes and The Endogeneity of Corporate Tax Status, Journal of Finance, Vol. 53, No. 1 (February) Graham, J.R. and C.R. Harvey (2001), The Theory and Practice of Corporate Finance: Evidence from the Field, Journal of Financial Economics, Vol. 60, Nos. 2/3 (May) Grinblatt, M. and S. Titman (1998), Financial Markets and Corporate Strategy (Irwin/McGraw- Hill, USA) Harris, M. and A. Raviv (1988), Corporate Control Contests and Capital Structure, Journal of Financial Economics, Vol. 20 Harris, M. and A. Raviv (1991), The Theory of Capital Structure, Journal of Finance, Vol. 46, No. 1 (March) Jensen, M.C. (1986), Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, Vol. 76, No. 2, Jensen, M.C. and W. Meckling (1976), Theory of the Firm: Managerial Behaviour, Agency Costs, and Capital Structure, Journal of Financial Economics, Vol. 3, No. 4 Kim, E. (1978) A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 23 Kraus, A. and Litzenberger, R. (1973) State preference model of optimal leverage, Journal of Finance, 28 Mehran, H., R.A. Taggart and D. Yermack (1999), CEO Ownership, Leasing and Debt Financing, Financial Management, Vol. 28, No. 2 Modigliani, F.F. and M.H. Miller (1958), The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review, Vol. 48, No. 3 (June) Myers, S.C. (1977), Determinants of Corporate Borrowing, Journal of Financial Economics, Vol. 5, No. 2 (November) Myers, S.C. (1984), The Capital Structure Puzzle, Journal of Finance, Vol. 39, No. 3 (July) Myers, S. and Majluf, N. (1984) Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, Rajan, R.G. and L. Zingales (1995), What Do We Know About Capital Structure Choice? Some Evidence from International Data, Journal of Finance, Vol. 50, No. 5 Scott, J. (1976) A theory of optimal capital structure, Bell Journal of Economics, 7 Vinso, J. (1979) A determination of the risk of ruin, Journal of Financial and Quantitative Analysis, 14 Williamson, O.E. (1988), Corporate Finance and Corporate Governance, Journal of Finance, Vol. 43, No. 3 (July) Advantage and disadvantage of borrowing, available on website www.accaglobal.com, access on 28.04.2010 How Capital Structure Affects UK Cost of Capital How Capital Structure Affects UK Cost of Capital Abstract Firms require a reasonable capital structure to meet the required target. To raise the finance, firms normally choose to review some different factors that are taken into account in considering. In this study, the author will examine the correlation between capital structure and the cost of the capital. As the cost will be a main factor for the firms to raise the finance. And different of capital structure will cause variable cost. This report will review the literature in capital structure and cost of finance. Along with the availability of source of finance, including the matching principle, a famous tools trade-off theory. As well as the argument follows, pecking order theory and agency cost theory. Drawing a conclusion based on the research survey data collection. Justify the relationship in how capital structure affects capital cost. Introduction The term capital structure refers to the mix of different types of funds which a company uses to finance its activities. Capital structure varies greatly from one company to another. For example, some companies are financed mainly by shareholders funds whereas others make much greater use of borrowings. Since the seminal publication of Modigliani and Miller (1958), corporate finance researchers have devoted considerable effort to investigating capital structure decisions (e.g. Myers, 1977 and 1984). Significant progress has been made in understanding the determinants of corporate capital structure with an increased emphasis on financial contracting theory (for example, Barclay and Smith, 1995; Mehran et al., 1999; and Graham et al., 1998 and, for an international view, Rajan and Zingales, 1995). This theory suggests that firm characteristics such as risk and investment opportunity set affect contracting costs. In turn, these costs impact on the choice between alternative forms of finance such as debt and equity, and between different classes of fixed-claim finance such as debt and leasing. The author will examine the relationship between the cost of capital and the structure of capital, and the effect of cost to raise finance in terms of making financial decision in the firms. Literature review 2.1 Theory of capital The origins of capital structure theory lie in the models of optimal capital structure that were developed in the wake of the famous Modigliani-Miller irrelevance theorem. These models later became to be known as the static trade-off theory (see e.g. Modigliani and Miller, 1958, 1963; Baxter, 1967; Gordon, 1971; Kraus and Litzenberger, 1973; Scott, 1976; Kim, 1978; Vinso, 1979). In this theory, the combination of leverage related costs (associated with e.g. bankruptcy and agency relations) and a tax advantage of debt produces an optimal capital structure at less than a 100% debt financing, as the tax advantage is traded off against the likelihood of incurring the costs. This theoretical result is now widely accepted in the profession. However, in seeking to model the wide diversity of capital structure practice, a number of additional factors have been proposed in the literature. 2.2 Factors that affect capital structure First, the use of debt finance can reduce agency costs between managers and shareholders by increasing the managers share of equity (Jensen and Meekling, 1976) and by reducing the free cash available for managers personal benefits (Jensen, 1986). Second, Myers and Majluf (1984) argue that, under asymmetric information, equity may be mispriced by the market. If firms finance new projects by issuing more equity, under pricing may cause les profit for existing shareholders in terms of the project NPV. Myers (1984) refers to this as pecking order theory of capital structure. The underinvestment can be reduced by financing the mispriced equity by the market. Internal funds involve no undervaluation and even debt that is not too risky will be preferred to equity. If external finance was required, firms tended first to issue the safest security, debt, and only issued equity as a last resort. Under this model, there is no well-define target mix of debt and equity finance. Each firms observed debt ratio reflects its cumulative requirements for external finance. Generally, profitable firms will borrow less because they can rely on internal resources and retain earnings. The preference for internal equity implies that firms will use less debt than suggested by the trade-off theory. Other factors that have been invoked to help explain the diversity of capital structures include: management behaviour (Williamson, 1988), firm-stakeholder interaction (Grinblatt and Titman, 1998), and corporate control issues (Harris and Raviv, 1988 and 1991). 2.3 How to finance The conventional discussion on a firms choice between long-term and short-term debt has generally focused on three aspects: matching debt maturity with asset life; extending the term-to-maturity of loans to stretch the firms debt capacity; and concentrating long-term debt issues in periods of relatively low interest rates. Recent development in the financial research literature has advanced several economics concepts such as transaction and agency costs, tax-timing option, and information asymmetry, to the debt maturity choice paradigm. Brick and Ravid (1985) show that taxes can also imply an optimal debt maturity structure. Depending on the term-structure of interest rates, long-term (short-term) is optimal, since it accelerates the tax benefit of debt given an increasing (decreasing) term structure. When firms cannot reveal the true quality of their cash flows, i.e. when information asymmetry exists, they can prevent or abate undervaluation by using a variety of signalling devices, such as debt (leverage), dividend payments or the maturity structure of debt. Thus, information asymmetry gives firms an incentive to signal their quality and credibility by taking on more debt and shortening their debt maturity. A higher leverage, especially more short-term debt, signals favourable inside information to the market because it offers the possibility to renegotiate terms in the future, when more information has become available. Long-term debt entails higher information costs than short-term debt, because the market expects a stronger deterioration of quality than insiders do. Firms with a low level of information asymmetry are therefore more likely to issue long-term debt (Flannery, 1986). In the study of international capital structures, Rajan and Zingales (1995) argue that it is important to test the robustness of US finds in different environments. They identify as potentially important the cross-country differences in tax and bankruptcy codes, in the market for corporate control and in the historical role played by banks and security markets. Methodology This survey focuses primarily on the determinants of the capital structure policy of firms but also includes some questions on topics that are closely related to the capital structure. For example, the questions address their approximate cost of equity to the managers, how they estimate their cost of equity (with CAPM or other methods), and whether the impact on the weighted average cost of capital is a consideration in their capital structure choice. The survey was developed after a careful review of the capital structure literature pertaining to the U.S. and European countries. For ease of comparability, the author tried to keep the format and design the survey similar to that of Graham and Harvey (2001), but modified or simplified some questions that are likely to be relevant in the UK context. For example, literature suggests that there are strong differences in corporate objectives between American and UK financial systems since the former system focuses on maximizing shareholder wealth while the later emphasizes the welfare of all stakeholder including employees, creditors and even he government. To examine this difference, the author ask the CFOs about the extent to which different stakeholders influence their firms financial decisions, the author also ask the firms the percentage of their free float share and whether they have preference or common share. 3.1 Sampling The initial samples for mailing the survey consist of a total of 57 firms from UK. The choice of initial sample was based on selecting firms that are representative of the UK firms, are widely traded, are comparable across country, and are public limited with available information. These criteria are important to justify the firms specific difference. From this sample, 9 firms were deleted because of non-availability of addresses and another 17 firms were deleted because they declined to participate in the survey, leaving a final sample of 31 firms. The survey was anonymous as this was an important criterion to obtain honest responses. In the mailing a letter was included that was addressed to the CFO or CEO explaining the objective of the study and promising to send a copy of the findings to those who wished to receive. A total of 12 responses were received by mail, which represents a response rate about 38 percent. 3.3 Summary of findings The respondent firms represent a wide variety of industries with a larger concentration in manufacturing; mining; energy and transportation sector; high technology; and financial sectors. About three forth of firms have a target debt to equity ratios, and about half of these firms maintain a target debt to equity ratios of one. Further, many respondents have a large percentage of their total debt in short term. About 80 percent of respondents report that they calculate their cost of equity, and over 77% of them employ the Capital Asset Pricing Model (CAPM) to calculate this cost. The estimated cost of equity reported by respondents ranges between 9%-15% only few firms report cost of capital greater than 15% The correlations among the demography variables of this survey are largely as predicted in the literature. These correlations will be discussed in detail in the next section. Analysis Three sets of factors in managers opinion that are likely to influence capital structure of firms are selected based on a review of literature. The first set is based on the implications of different capital structure theories such as the trade-off theory, the pecking order theory, and the agency cost theory. Generally the managers will make the financial decisions based on theories and through these decisions to affect their cost of capital. The second set relates to the managers timing of debt or equity issues since literature suggests that managers are concerned about financial flexibility. With evidence support in the findings, most of managers within all industries consider the financial flexibility as the most important issue when raise finance. Finance by short term may give the company advantage in changing their status to meet the changing world environment and provide less risks in investments. Finally, the last set of factors is based on common beliefs among managers about the impact of capital structure changes on financial statements such as the potential impact of equity issue on earnings. This factor shows the important of experience in managers mind and how it will be impact on the decisions. In summary, to analyse a companys capital structure, we assume that the company is only financed by two ways, either by shareholders equity or borrowings. It is just to consider how cost of capital affect the different proportion of debt in capital structure. Figure 8: Two advantages and two disadvantages of borrowing Advantages Disadvantages 1. Cheap direct cost because debt is less risky to the investor 1. Financial leverage causes shareholders to increase their cost of capital 2. Cheap direct cost because interest is a tax deductible expense. 2. Bankruptcy risks if borrowings are too high. The main advantage of borrowing is that the debt has a cheaper direct cost than equity. Debt is less risky to the investor than equity (low risk result a low required return) Interest payments are tax deductable whereas dividends are not. However, borrowing has two distinct disadvantages. Firstly it causes shareholders to suffer increased volatility of earnings. This is known as financial leverage. The increased volatility to shareholders returns resulting from financial leverage causes shareholders to demand a higher rate of return in compensation. The second disadvantage of borrowing is that if the company borrows too much, it increases its bankruptcy risks. At reasonable levels of gearing this affect will be imperceptible, but it becomes significant for highly geared companies and results in a range of risks and costs which have the effect of increasing the companys cost of capital. Limitation and Ethical issue The research focus on the UK market and respondents are from different areas of industry. The limitation has been carried out. First will be the time of the research. As a three months research, the data was not examined as correct enough to support the authors point. The data collection should be carrying continually in a long period of time and often reviewed at some certain time. Second, the way of collecting these data is limited by mailing. The survey may not represent the whole market as the limited number of respondents. A research should conduct all the possible methods including quantitative and qualitative. Finally, as this is not a professional research, lots of objectives in the research declined to give feedback in judging their financial structure in the case some of this could be their classified information. The ethical issue has been raised in this research; this will be honesty in the feedbacks from the respondents. As this survey is anonymous research, the managers may not give the right information in case of rising threats in competition. The importance of financial structure in firms causes the mangers to think before they actually answer the questions. The privacy issue in their mind raised that they may not want to share all the information regarding to the financial statement. Conclusion The purpose of this article is to supplement the existing literature with an analysis of the factors determining the financial structure affecting the cost of capital. The analyses give rise to the following conclusions. The study presents a dynamic model to address the possibility of adjustment costs incurred in reaching an optimal capital structure. And examine the literature in the factors in capital structure in affecting the cost of financing a firm through the facts in reality. The conclusion can be drawn as the cost of capital is a key factor that firms taken into account when raise finance along with the financial flexibility. On the other hand, the capital structure of a firm will affect the firms cost in both short term and long term. The firms raise the finance to meet the required target, there is no such a way to limit firms financial structure. They may want to choose a short term loan to meet flexibility of cash flow, in the contrast; the long term finance may require more information and satisfaction of the firms. The cost of capital depends on how firms finance their capital structure. Reference and bibliography Barclay, M.J. and C.W. Smith (1995), The Priority Structure of Corporate Liabilities, Journal of Finance, Vol. 50, No. 3 (July) Baxter, N. D. (1967) Leverage, the Risk of Ruin and the Cost of Capital, Journal of Finance, 22 Brick, I. and Ravid, A. (1985) On the relevance of debt maturity structure, Journal of Finance, 40 Flannery, M. (1986) Asymmetric information and risky debt maturity choice, Journal of Finance, 41 Gordon, M. (1971) Towards a theory of financial distress, Journal of Finance, 26 Graham, J.R., M.L. Lemmon and J.S. Schallheim (1998), Debt, Leases, Taxes and The Endogeneity of Corporate Tax Status, Journal of Finance, Vol. 53, No. 1 (February) Graham, J.R. and C.R. Harvey (2001), The Theory and Practice of Corporate Finance: Evidence from the Field, Journal of Financial Economics, Vol. 60, Nos. 2/3 (May) Grinblatt, M. and S. Titman (1998), Financial Markets and Corporate Strategy (Irwin/McGraw- Hill, USA) Harris, M. and A. Raviv (1988), Corporate Control Contests and Capital Structure, Journal of Financial Economics, Vol. 20 Harris, M. and A. Raviv (1991), The Theory of Capital Structure, Journal of Finance, Vol. 46, No. 1 (March) Jensen, M.C. (1986), Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, Vol. 76, No. 2, Jensen, M.C. and W. Meckling (1976), Theory of the Firm: Managerial Behaviour, Agency Costs, and Capital Structure, Journal of Financial Economics, Vol. 3, No. 4 Kim, E. (1978) A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 23 Kraus, A. and Litzenberger, R. (1973) State preference model of optimal leverage, Journal of Finance, 28 Mehran, H., R.A. Taggart and D. Yermack (1999), CEO Ownership, Leasing and Debt Financing, Financial Management, Vol. 28, No. 2 Modigliani, F.F. and M.H. 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